Today, July 26, marks the official start of the 2024 Olympics, and I have no doubt that people everywhere are giddy with excitement to support their country’s team as they compete in a wide range of sports and activities.
All athletes, of course, aim to win gold, but have you ever considered the true value of an Olympic gold medal?
Little do most people realize, though, that the coveted trophy is composed primarily of silver rather than pure gold.
What is the value of an Olympic gold medal? (Getty Images / Staff / David Ramos)
The medal weighs 529 grams, of which almost 95.4% is composed of silver, for a total weight of 505 grams.
Various reports state that just six grams—which serve as the medal’s plating—are made entirely of pure gold, with the remaining eighteen grams being composed of iron.
One social media user challenged the medal’s monetary worth by posting a screenshot of a Google search that defined what an Olympic gold medal was.
medal worth? In addition to being priceless, of course, it is also worth $820 given the current metal prices.
“An Olympic gold medal would not even cover my rent,” they said as the tweet’s caption.
“These poor Olympians we gotta give them Teslas instead or something,” he joked in a follow-up post.
Even a gold medal from the Olympics would not pay my rent.
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“I would have to win 7 gold medals to pay for my 2013 Mini Cooper with hail damage,” wrote another X user.
“LOL imagine practicing for the Olympics to earn a meaningless medal,” chimed in the second person.
One last X user made the following observation: “I do not think they are doing this for money.”
Since then, Forbes has verified the true value of the 2024 Olympic gold medal, which around 10,500 athletes are vying for.
A gold medal from the 2024 Olympics is expected to cost about $950. (Getty Images/Atsushi Tomura)
Given that the majority of these competitors have devoted their whole lives to achieving this objective, the medal’s value cannot be evaluated, but its components can.
According to reports, each medal measures 85 mm in diameter and 9.2 mm in thickness.
The site claims that the approximate cost of an Olympic gold medal in 2024 is $950. This value is determined by taking into account both “the amount of those materials that are utilized for the medal” and the “spot price” of gold, silver, and iron on July 24, the morning of the event.
Even though it might not seem like much, after breaking the $708 record set for the 2012 London Olympics, it is “perhaps the greatest value of any gold medal in the history of the contemporary games.”
H/T : truth-here.com
